Starting your own business is exciting, but the financial side can feel overwhelming. This guide explains what new UK small business owners should consider when setting up their finance function, including bookkeeping, tax responsibilities, cash flow, systems and when to ask for help.

If you’re a sole trader in the United Kingdom, the weeks leading up to 5 April can feel uncomfortable. You know the tax year is ending, you’ve heard scary stories about HMRC fines, and you might be wondering:

“What if I’ve missed something and get a penalty later?”

You’re not alone in feeling that way. The good news is that you don’t need to have a perfect set of accounts to get started – you just need a simple, practical end of tax year checklist to follow.